The Biden Administration is attempting to curtail an uptick in ransomware attacks on American businesses. Just last week, an Iowa grain co-operative was hit by a cyberattack by hacking group BlackMatter demanding $5.9 million dollars.
In June, the world’s largest meat processing company was hit by a ransomware group and paid $11 million dollars to resume its operations. And in May, the Colonial Pipeline Company was attacked, disrupting gas supplies to the east coast for a week.
These attacks are indeed becoming more frequent. According to the Treasury Department, ransomware payments exceeded $400 million last year – more than four times higher than in 2019.
So, what can government and business leaders do to combat these attacks? And who’s responsible for improving our cybersecurity?